Dimensional Fund Advisors LP Increases Stake in SouthState Bank Corporation $SSB

Dimensional Fund Advisors LP increased its stake in SouthState Bank Corporation (NYSE:SSB) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,666,617 shares of the company’s stock after buying an additional 84,812 shares during the period. Dimensional Fund Advisors LP’s holdings in SouthState Bank were worth $461,392,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Fort Washington Investment Advisors Inc. OH boosted its position in shares of SouthState Bank by 52.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after purchasing an additional 86,234 shares in the last quarter. CWM LLC lifted its position in SouthState Bank by 689.1% during the third quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after buying an additional 79,719 shares during the period. HBK Sorce Advisory LLC lifted its position in SouthState Bank by 100.1% during the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after buying an additional 16,482 shares during the period. Signaturefd LLC boosted its holdings in shares of SouthState Bank by 101.0% during the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock valued at $2,478,000 after buying an additional 12,597 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of SouthState Bank in the 3rd quarter worth about $1,190,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Stephens lifted their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Barclays lifted their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a report on Monday, January 26th. TD Cowen upped their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, DA Davidson raised their price objective on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and a consensus target price of $118.71.

SouthState Bank Trading Up 0.5%

Shares of NYSE SSB opened at $99.05 on Thursday. The firm’s 50 day moving average price is $100.34 and its 200-day moving average price is $97.01. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $108.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market cap of $9.71 billion, a PE ratio of 12.60 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The company had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same period in the previous year, the business earned $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a $0.60 dividend. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s payout ratio is currently 30.53%.

SouthState Bank Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.